4th Nov 2024 09:35
(Alliance News) - JPMorgan Global Emerging Markets Income Trust PLC on Monday said its net asset value grew during its most recent financial year, as revenue rose as well.
The London-based investor in emerging market companies with higher than average dividend yields said net asset value per share on July 31 was 151.4 pence per share, up 2.5% from 147.7p per share the year before.
Net asset total return for its financial year that ended July 31 was 6.3%, compared to the benchmark total return of 6.4% on the MSCI Emerging Markets Index.
The total dividend for the year was 5.4p per share, up 1.9% year-on-year from 5.3p per share. The company paid three interim dividends of 1.0p per share throughout the year and a fourth interim dividend of 2.4p per share.
Gross revenue for the year was GBP21.2 million, rising 1.9% from GBP20.8 million last year.
Looking ahead, the company said it expects lower US rates to create leeway for emerging market central banks to follow the lead of the US Federal Reserve and ease monetary policy, which will boost economic growth.
Chair Elisabeth Scott said: "The board sees a host of reasons to share the portfolio managers' excitement about the many investment opportunities available in Emerging Markets. The artificial intelligence revolution is likely to provide ongoing support for many Emerging Markets technology and other AI-related stocks for the foreseeable future.
"In the board's view, the potential rewards from Emerging Market investment are significant, especially for those investors willing to take a long-term view and tolerate a degree of volatility along the way. We remain confident that the focused and disciplined stock selection process adopted by the investment manager will maintain the company's long track record of delivering attractive long-term returns and dividend income to shareholders."
Shares in JPMorgan Global Emerging Markets were up 0.4% at 134.00 pence each in London on Monday morning.
By Emily Parsons, Alliance News reporter
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